Arbitrum (ARB) soars 20% in a single week amid massive whale activity

The Arbitrum (ARB) token has been on the rise lately, with a 20% increase in price over the past seven days. The cryptocurrency is the native token of the Arbitrum Network, a layer-2 scaling solution for the Ethereum blockchain. The protocol is designed to boost transaction speed, increase scalability, and improve privacy on the Ethereum network.

ARB continues market correction – jumps 18% in two weeks

The ARB token has seen a mixed price performance in June, initially falling below the $1 mark just before the middle of the month. However, the coin has been showing signs of recovery recently, jumping over 30% since June 15.

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After hovering around the $1 level – with little price action – between June 17 and 19, Arbitrum price finally broke above this range on June 20. Since then the cryptocurrency has been on a positive momentum.

The Relative Strength Index (RSI), an on-chain indicator that tracks the balance between buying and selling pressure, signals that a positive trend is forming for Arbitrum. The daily RSI is well above the 50 mark, indicating increasing buying pressure.

According to coingecoARB token is currently trading at $1.21, with a gain of 6% in the last 24 hours. To date, the 24-hour trading volume of the cryptocurrency has exceeded $373 million, showing an increase of 42.1% over the past day.

ARBUSD trading at $1.2182 | Source: ARBUSD chart from TradingView

Arbitrum Market Experiencing Massive Whale Activity

It is difficult to say with certainty what is causing the Arbitrum price to move at the moment. However, the market has seen high whale activity over the past few days, which suggests that something is happening that most investors are not seeing.

According to blockchain analytics platform lookonchain, two passive whales bought ARB tokens just before a major price movement. On June 25, whale “0x1b67” became active after 1.6 years of inactivity and withdrew 450,881 ARB (worth approximately $507,000) from Binance.

Prior to this transaction, another whale (0x79cc), which had been inactive for six months, bought 1.57 million ARB tokens for 939 ETH (worth $1.68 million at the time) on June 20.

Furthermore, there has been some major accumulation of whales in the market in the last 24 hours. According to Lookonchain, whale “0xb28f” bought 321,934 ARB with 200 ETH (about $375,000) in the early hours of today.

It is worth noting that this whale made a similar purchase on June 10th, spending 300 ETH (approximately $528,000) to buy 538,558 ARB tokens.

buying whales $arb,

whale”0xb28f” spent 200 $ETH ($375K) to buy for 321,934 $arb 2 hours ago again at $1.16.

300 spent once on “0xb28f” $ETH ($525K) to buy for 538,558 $arb on June 10 at $0.98.

Another whale “0x79cc” spent 1,058,665 $USDC 937,176 to buy $arb at $1.13 about 10 hours ago. pic.twitter.com/YsHriraZkr

—lookonchain (@lookonchain) 27 June 2023

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While we don’t always know what to expect from whales, it will be interesting to see how their activity will affect the arbitrum market. Furthermore, since there appears to be a pattern, investors will want to be on the lookout for any more whale transactions.